Capturing the spirit and psyche of the world's greatest city.
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Sunday, May 13, 2012

The World's Most Economically Powerful City

Perhaps this comes as no surprise, but a new survey of the most economically powerfully cities in the world pegs NYC at #1.

This survey is the work of the great social scientist Richard Florida who wrote about it here.

So what makes a city a global economic powerhouse?

Three main things: economic output (i.e. money be created and spent), innovations (i.e. patents being created) and financial (i.e. how much trading is going on). In short, in this city more than any other in the world, people come here to make and spend money and find new, creative ways of doing it.

Our nearest competitors are the usual suspects. Right behind us is London, Tokyo, Hong Kong, Paris, Chicago, Singapore, Shanghai, LA, and Zurich. There are a few surprises on the list too. Who knew that Boston, Osaka, Shenzhen, and Toronto were economic giants as well?

But NYC beats them all. We are the greatest money machine of the world.

We are a socially tolerate city with amazing diversity, low crime, the greatest culture, and excellent public transportation. Great minds want to live in places like that and NYC does it best.

So it's no surprise that our investment in the public has reaped great financial rewards. Let's hope we keep up the good work.